Group 1: Macro Insights - Recent increase in international oil prices has provided a short-term boost to China's economy, improving prices but also causing cost pressures [1][13] - A 10% rise in oil prices is estimated to increase domestic PPI and CPI by approximately 0.42 and 0.07 percentage points, respectively, potentially leading to a positive PPI and GDP deflator in Q1 2026 [1][13] - The ability of input-driven price increases to permanently lift China out of low inflation depends on the formation of an endogenous "wage-price spiral," similar to Japan's experience post-2022 [1][13] Group 2: U.S. Economic Impact - Ongoing uncertainties from the U.S.-Iran conflict have raised concerns about oil supply, pushing global oil prices above $110 per barrel, which will directly affect U.S. CPI in March and beyond [2][16] - In a baseline scenario, if oil prices remain at $100 per barrel, the year-end CPI growth rate is projected to be 3.48%, while a risk scenario with prices at $150 per barrel could see a growth rate of 7.15% [2][16] - The expected easing of the U.S.-Iran conflict may lead to a return of oil prices to around $65 per barrel in April, which would primarily impact March CPI data [2][16] Group 3: Renewable Energy Sector - The renewable energy industry is undergoing a critical transition from "policy support" to "self-sustaining" growth, with financing capabilities directly affecting technological advancements and capacity expansion [3][4] - Head companies in the renewable sector are increasing their debt levels significantly, with asset-liability ratios exceeding 70% as they expand capacity to capture market share [3][4] - The report focuses on Tesla and LG Energy Solution as leading companies in the renewable energy market, analyzing their bond financing strategies and how they align with their growth trajectories [3][4][18] Group 4: Green Bonds and Market Dynamics - The issuance of green bonds has increased, with 13 new bonds issued in the week of March 2-6, totaling approximately 21.28 billion yuan, reflecting a growing interest in sustainable financing [6] - The secondary market for green bonds also saw a significant increase in trading volume, indicating a robust demand for green financing instruments [6] - Despite supportive green finance policies, there remains a mismatch between the bond market's capabilities and the actual financing needs of smaller, innovative companies in the renewable sector [4][6] Group 5: Company-Specific Insights - Desay SV Automotive is projected to see revenue growth of 18% to 21% from 2026 to 2028, with a maintained "buy" rating despite competitive pressures in the automotive sector [7] - Tianqi Lithium's profit forecasts have been adjusted upward due to rising lithium carbonate prices, with expected net profits of 7.03 billion yuan in 2026 [7] - Contemporary Amperex Technology Co., Ltd. (CATL) is expected to achieve net profits of 94 billion yuan in 2026, driven by strong demand in the electric vehicle market [12]

证券研究报告·海外公司点评·食物饮品(HS) 中烟香港（06055.HK） 2025 年业绩公告点评：盈利能力提升，加速 全球布局 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 13,074 | 14,579 | 15,773 | 17,156 | 18,540 | | 同比(%) | 10.46 | 11.51 | 8.19 | 8.77 | 8.07 | | 归母净利润（百万港元） | 853.74 | 980.29 | 1,098.67 | 1,344.56 | 1,564.17 | | 同比(%) | 42.58 | 14.82 | 12.08 | 22.38 | 16.33 | | EPS-最新摊薄（港元/股） | 1.23 | 1.42 | 1.59 | 1.94 | 2.26 | | P/E（现价&最新摊薄） | 30.71 | 26.74 | 23.86 | 19.50 | 16.76 | [ ...

证券研究报告·海外公司点评·食物饮品(HS) 中烟香港（06055.HK） 2025 年业绩公告点评：盈利能力提升，加速 全球布局 买入（维持） | [Table_EPS] 盈利预测与估值 | 2024A | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万港元） | 13,074 | 14,579 | 15,773 | 17,156 | 18,540 | | 同比(%) | 10.46 | 11.51 | 8.19 | 8.77 | 8.07 | | 归母净利润（百万港元） | 853.74 | 980.29 | 1,098.67 | 1,344.56 | 1,564.17 | | 同比(%) | 42.58 | 14.82 | 12.08 | 22.38 | 16.33 | | EPS-最新摊薄（港元/股） | 1.23 | 1.42 | 1.59 | 1.94 | 2.26 | | P/E（现价&最新摊薄） | 30.71 | 26.74 | 23.86 | 19.50 | 16.76 | [ ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9] Core Views - In 2025, the company achieved revenue and net profit attributable to shareholders of HKD 14.579 billion and HKD 0.980 billion, respectively, representing year-on-year growth of 11.5% and 14.8% [2][6] - The main drivers for revenue growth include the expansion of tobacco leaf exports (through channel development and price increases) and an increase in the self-operated ratio of cigarette exports [2][6] - The company plans to distribute a dividend of HKD 0.52 per share in 2025, reflecting a year-on-year increase of 13.0%, with a payout ratio of approximately 37% [2][6] Revenue Breakdown - Tobacco Leaf Import Business: Revenue increased by 15.6% year-on-year to HKD 9.54 billion, with a slight decline in import volume by 1.0% and a price increase of 17% [11] - Tobacco Leaf Export Business: Revenue rose by 20.4% year-on-year to HKD 2.48 billion, with export volume increasing by 3.1% and prices up by 17% [11] - Cigarette Export Business: Revenue grew by 5.9% year-on-year to HKD 1.67 billion, despite a decline in export volume by 3.3% [11] - New Tobacco Products: Revenue decreased by 51.2% year-on-year to HKD 0.064 billion, with the business under pressure due to geopolitical conflicts and regulatory changes [11] - Brazilian Operations: Revenue fell by 21.0% year-on-year to HKD 0.83 billion, impacted by shipping schedules and market price declines [11] Future Outlook - The company is positioned as a unique player in the tobacco export market, with strong growth potential driven by both organic and external expansion strategies [11] - The expected net profits for 2026-2028 are projected to be HKD 1.13 billion, HKD 1.36 billion, and HKD 1.55 billion, respectively, with corresponding price-to-earnings ratios of 24, 20, and 17 [11]

Core Viewpoint - Cathay Securities maintains a "Buy" rating for China Tobacco Hong Kong (06055) and raises the EPS forecast for 2026-2027 to HKD 1.64/1.95 from HKD 1.58/1.75, with a target price of HKD 44 based on a 27X PE for 2026, considering the company's growth potential and expansion logic [1] Group 1: Financial Performance - The company expects a stable performance in 2025, with projected revenue of HKD 14.58 billion, a year-on-year increase of 11.5%, and a net profit of HKD 980 million, up 14.8%, with a gross margin of 10.1%, down 0.4 percentage points [1] - For the second half of 2025, revenue is anticipated to be HKD 4.26 billion, down 2.5%, while net profit is expected to rise by 30.2% to HKD 270 million, suggesting a need to view the full year performance collectively [1] - Shareholder returns are projected with dividends of HKD 0.32/0.46/0.52 per share for 2023-2025, maintaining a payout ratio of around 37% [1] Group 2: Revenue Breakdown - For 2025, the revenue from imported tobacco leaf products is expected to be HKD 9.54 billion, a year-on-year increase of 15.6%, with a decrease in gross margin by 1.9 percentage points due to increased costs from Brazilian tobacco leaf procurement [2] - Revenue from exported tobacco leaf products is projected at HKD 2.48 billion, up 20.4%, with a gross margin increase of 2.2 percentage points, benefiting from price increases [2] - Revenue from cigarette exports is expected to reach HKD 1.67 billion, a 5.9% increase, with a gross margin improvement of 5.2 percentage points to 22.8%, driven by a higher proportion of duty-free self-operated sales [2] - New tobacco product exports are projected to decline significantly by 52.4% to HKD 60 million, primarily due to international events [2] - The Brazilian operations are expected to generate HKD 830 million, down 21.0%, influenced by both volume and price declines [2] Group 3: Strategic Initiatives - The company is actively expanding its business by integrating resources and exploring new markets, with changes in tobacco leaf and cigarette export operations expected in 2026 [3] - The company has initiated tobacco leaf procurement from China Tobacco North America and sales to third parties, with expected transaction limits significantly higher than in 2025 [3] - As the only state-owned enterprise with the qualification to export cigarettes to the domestic duty-free market, China Tobacco Hong Kong is expected to enhance its revenue and profitability through collaboration with China Tobacco International [3]

Core Viewpoint - Cathay Securities maintains a "Buy" rating for China Tobacco Hong Kong (06055) and raises the EPS forecast for 2026-2027 to HKD 1.64/1.95 from HKD 1.58/1.75, with a target price of HKD 44 based on a 27X PE for 2026, considering the company's growth potential and expansion logic [1] Group 1: Financial Performance - The company expects a stable performance in 2025, with projected revenue of HKD 14.58 billion, a year-on-year increase of 11.5%, and a net profit of HKD 980 million, up 14.8%, with a gross margin of 10.1%, down 0.4 percentage points [1] - For the second half of 2025, revenue is anticipated to be HKD 4.26 billion, down 2.5%, while net profit is expected to rise by 30.2% to HKD 270 million, suggesting a need to view the full year performance collectively [1] - The company plans to distribute dividends of HKD 0.32/0.46/0.52 per share from 2023 to 2025, maintaining a payout ratio of around 37% [1] Group 2: Revenue Breakdown - For 2025, the revenue from imported tobacco leaf products is projected at HKD 9.54 billion, a year-on-year increase of 15.6%, with a decrease in gross margin by 1.9 percentage points due to rising costs from Brazilian tobacco leaf procurement [2] - Revenue from exported tobacco leaf products is expected to reach HKD 2.48 billion, up 20.4%, with a gross margin increase of 2.2 percentage points, benefiting from price increases [2] - Revenue from cigarette exports is projected at HKD 1.67 billion, a 5.9% increase, with a gross margin improvement of 5.2 percentage points to 22.8%, driven by a higher proportion of duty-free self-operated sales [2] - New tobacco product exports are expected to decline significantly by 52.4% to HKD 60 million, primarily due to international events [2] - Revenue from Brazilian operations is projected to decline by 21.0% to HKD 830 million, influenced by changes in product structure [2] Group 3: Business Expansion - The company is actively expanding its business by integrating resources and exploring new markets, with changes in tobacco leaf and cigarette export operations expected in 2026 [3] - The company has initiated tobacco leaf procurement from China Tobacco North America and sales to third parties, with expected transaction limits significantly higher than in 2025 [3] - As the only state-owned enterprise with the qualification to export cigarettes to the domestic duty-free market, China Tobacco Hong Kong is expected to enhance its revenue and profitability through collaboration with China Tobacco International [3]

证券研究报告 公司研究 [Table_ReportType] 公司点评报告 [Table_StockAndRank] 中烟香港(6055.HK) 投资评级 上次评级 卷烟出口：25H2 收入 11.1 亿港元（同比+8.6%），量/价同比分别 -1.1%/+9.8%，毛利率 21.4%（同比+6.2pct）。自营渠道扩张&产品结构优 化共助盈利能力提升。公司目前已初步构建中国雪茄国际业务统一经销平 台，有税市场雪茄业务大幅增长；且 26 年境内关外营业模式改革，有望推 动盈利能力持续创新高。 新烟出口：25H2 收入 0.5 亿港元（同比-45.8%），量/价同比分别 -44.8%/-1.8%，毛利率为 5.3%（同比-0.2pct）。承压主要系海外政策变化叠 加供应端新品迭代、设备升级，公司 H2 销量同比降幅逐步收窄（H1 同比 -65.4%）、环比表现靓丽（环比+257.6%）。我们预计未来供应端产品优化有 望推动终端市场份额回暖，26 年有望重返高增通道。 [Table_Author] 姜文镪 新消费行业首席分析师 执业编号：S1500524120004 邮箱：jiangwenqiang@cindas ...

Investment Rating - The report maintains a "Buy" rating for China Tobacco Hong Kong (06055.HK) [1] Core Views - The company reported a steady growth in overall performance, with 2025 revenue and net profit increasing by 11.5% and 14.8% year-on-year, reaching HKD 14.579 billion and HKD 980 million respectively [1] - The second half of 2025 saw a slight decline in revenue by 2.46% but a significant increase in net profit by 30.20% [1] - The company declared a dividend of HKD 0.33 per share for the full year of 2025 [1] Operational Analysis - The company experienced significant increases in the unit price of imported tobacco leaves and exported cigarettes, contributing to stable revenue growth [2] - For 2025, revenue from tobacco leaf exports, imports, cigarette exports, new tobacco products, and Brazilian operations reached HKD 2.481 billion, HKD 9.538 billion, HKD 1.666 billion, HKD 0.64 billion, and HKD 0.829 billion respectively, with year-on-year growth rates of 20.37%, 15.55%, 5.89%, -52.46%, and -21.03% [2] - The second half of 2025 showed a strong performance with revenue growth of 34.8%, 40.2%, and 23.2% for tobacco leaf imports, exports, and cigarette exports respectively [2] Profitability and Margin Analysis - The company's gross margin and net margin for 2025 were 10.10% and 7.18%, reflecting a decrease of 0.44 and an increase of 0.27 percentage points respectively [3] - The gross margin for tobacco leaf exports, imports, cigarette exports, new tobacco products, and Brazilian operations were 6.3%, 8.1%, 22.8%, 5.3%, and 19.4% respectively [3] - The company is expected to see a recovery in gross margins due to an increase in self-operated channels and improved product mix [3] Earnings Forecast and Valuation - The report forecasts earnings per share (EPS) for 2025, 2026, and 2027 to be HKD 1.59, HKD 1.86, and HKD 2.19 respectively, with corresponding price-to-earnings (P/E) ratios of 23, 20, and 17 times [4]

EF001 發行人所發行上市權證/可轉換債券的相關信息 發行人所發行上市權證/可轉換債券 不適用 其他信息 其他信息 不適用 發行人董事 於本公告日期，董事會由主席兼非執行董事邵岩先生、執行董事代佳輝先生、王成瑞先生、徐增云先生及茅紫璐女士，以及獨立非 執行董事鄒小磊先生、王新華先生、錢毅先生及何俊華女士組成。 第 2 頁 共 2 頁 v 1.1.1 EF001 免責聲明 | 香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不發表任何聲明，並明確表示，概不對因 | | | --- | --- | | 公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 | | | 股票發行人現金股息公告 | | | 發行人名稱 | 中煙國際（香港）有限公司 | | 股份代號 | 06055 | | 多櫃檯股份代號及貨幣 | 不適用 | | 相關股份代號及名稱 | 不適用 | | 公告標題 | 截至2025年12月31日止年度之末期股息 | | 公告日期 | 2026年3月5日 | | 公告狀態 | 新公告 | | 股息信息 | | | 股息類型 | 末期 | ...

Financial Performance - China Tobacco International (HK) Company Limited reported a revenue of HKD 14,579,069,000 for the year ending December 31, 2025, representing an 11.5% increase from HKD 13,074,243,000 in 2024[4] - The gross profit for the same period was HKD 1,473,137,000, up 6.9% from HKD 1,377,642,000 in the previous year[4] - The net profit attributable to equity holders was HKD 980,285,000, reflecting a 14.8% increase compared to HKD 853,735,000 in 2024[4] - Basic and diluted earnings per share increased to HKD 1.42 from HKD 1.23, marking a significant growth[4] - The total dividend for the year was HKD 0.52 per share, a 13.0% increase from the previous year's total dividend of HKD 0.46[4] - The group reported a pre-tax profit of HKD 1,281,822,000 for the year ended December 31, 2025, compared to HKD 1,115,524,000 in 2024, reflecting a growth of 14.9%[20] - Other net income increased by 30.7% to HKD 157.3 million for the year ending December 31, 2025, driven by increased interest income from short-term bank deposits[57] Assets and Liabilities - Total assets less current liabilities increased to HKD 3,920,001,000 from HKD 3,282,174,000, indicating improved financial stability[6] - The company’s total equity increased to HKD 3,846,470,000 from HKD 3,187,270,000, reflecting strong growth in shareholder value[7] - The group’s total assets for the reporting segments as of December 31, 2025, were HKD 8,973,373,000, compared to HKD 9,816,655,000 in 2024[20] - The total liabilities for the reporting segments as of December 31, 2025, were HKD 5,126,903,000, a decrease from HKD 6,629,385,000 in 2024[20] - The company's total liabilities decreased from HKD 3,553.46 million in 2024 to HKD 2,233.89 million in 2025, a reduction of approximately 37.2%[45] Revenue Breakdown - Revenue from leaf products sales reached HKD 12,843,816,000 in 2025, up 12.9% from HKD 11,363,153,000 in 2024[14] - Revenue from Mainland China for 2025 is HKD 10,953,396, an increase of 14.6% from HKD 9,553,618 in 2024[22] - Revenue from Indonesia for 2025 is HKD 1,818,595, up 20.9% from HKD 1,504,296 in 2024[22] - The revenue from a single customer accounted for approximately HKD 9,588,829,000, representing over 10% of the total revenue for 2025, compared to HKD 8,256,471,000 in 2024[14] Cost and Expenses - The company reported a financing cost reduction of 21.3%, decreasing to HKD 176,322,000 from HKD 224,096,000[4] - Total salary and benefits for 2025 amount to HKD 125,328, an increase of 16.8% from HKD 107,331 in 2024[26] - The cost of inventory for 2025 is HKD 13,065,093, up from HKD 11,657,430 in 2024[28] Cash Management - The company’s cash and cash equivalents decreased to HKD 279,029,000 from HKD 517,466,000, indicating a need for cash management strategies[6] - The company's current assets net value as of December 31, 2025, was HKD 3,438.4 million, an increase from HKD 2,837.8 million in 2024[63] Dividends - The interim dividend declared for 2025 is HKD 0.19 per share, up from HKD 0.15 per share in 2024, totaling HKD 131.42 million compared to HKD 103.75 million in the previous year, representing a 26.7% increase[38] - The total proposed final dividend for 2025 is HKD 0.33 per share, compared to HKD 0.31 per share in 2024, amounting to HKD 231.29 million versus HKD 214.42 million, an increase of 7.8%[38] Employee and Operational Insights - The group had 73 employees in Hong Kong as of December 31, 2025, an increase of 20 employees from 2024, and 384 employees in Brazil, an increase of 42 employees from 2024[72] - Employee costs for the year ended December 31, 2025, amounted to HKD 125.3 million, up from HKD 107.3 million in 2024[72] Corporate Governance and Compliance - The company has complied with all applicable code provisions of the Corporate Governance Code for the year ended December 31, 2025[79] - The audit committee reviewed the annual performance and confirmed that the financial statements fairly present the group's financial position and performance for the year[83] - The company is a subsidiary of China National Tobacco Corporation, which is its ultimate holding company[88] Strategic Initiatives - The company is committed to sustainable development, implementing the "GROW" strategy and establishing an ESG development index system[48] - The company plans to focus on international market expansion and enhance supply chain collaboration to ensure stable supply and quality of imported tobacco leaves[55] - The group aims to strengthen its market research capabilities and actively pursue investment and acquisition opportunities[48]